Wendy Sherman: “Our capital markets and our capitalist system are the envy of the world. How does that system work? Investors decide how…”

“Our capital markets and our capitalist system are the envy of the world. How does that system work? Investors decide how to allocate capital, not the government. Investors control the corporation through voting, not the corporate insiders, not the board, and not the executives. This bill is designed, with a Marxist tint in mind perhaps, to blind and cripple the capitalists of America, the shareholders, the investors. Let's say an investor agrees with Republicans on how to allocate their money. That is fine, but some investors may care about the environment, or they may just believe that investing in low carbon is more profitable and investing in resilient companies is more profitable. This bill blinds them. It says: You are just the investor, and the government has decided what criteria you are going to use, and we are going to blind you and not give you the information to make a decision based on carbon footprint. You don't decide. The government decides. There is more for the Marxists here in this room. Not only does this deprive capitalists of the right to allocate capital, but it specifically helps the Chinese Communist Party because American corporations are going to have to decide, in many cases, do they sell their artificial intelligence secrets to the highest bidder in Shanghai? If the corporation wants to, its shareholders now can come forward and say: No, we care about America. We are patriots. Do not sell.…”